Institutional risk management Policies

Enterprise risk management has evolved a lot since the 1970s when it was just about 'purchasing' insurance, but now its importance has evolved into a major function in many organizations. It is now part of a larger system known as the “Governance, Risk and Compliance” ecosystem that begins with corporate governance and ends with compliance. Enterprise risk management is the study of the risks that may hinder the organization's ability to achieve its goals and then deciding how to overcome these risks. Many studies related to risk management have been conducted in different organizations, including ISO 31000 designed for risk management. Despite this, COSO's ERM is the most universally accepted. This system contains the necessary steps to control risks, and begins with an assessment of the internal environment and identification of goals that are primarily the result of the vision of the organization's senior management. This course also contains the steps management needs to identify and assess risks and decide on appropriate controls and responses. In addition to how to monitor and report risks, this course addresses the importance of taking risks into account in different areas of the organization such as strategy, reporting, compliance, financial or physical operations, as well as in different industries.